JD Inc.’s supply-chain technology unit has started taking investor orders for a Hong Kong Special Administrative Region initial public offering that may raise as much as HK$3.3 billion ($424 million), capping more than two years of efforts to go public.

Jingdong Industrials Inc is offering 211 million shares at HK$12.70 to HK$15.50 each, according to a filing to the Hong Kong stock exchange Wednesday. The Beijing-based company is set to list its shares on Dec 11.

Jingdong Industrials is among the last wave of companies driving Hong Kong’s hot IPO market this year, which is on track to see listing proceeds closing at a four-year high.

The company said it plans to use the funds to enhance its industrial supply-chain capabilities, including AI technologies, and to support expansion, investments, and acquisitions.

Cornerstone investors, which get guaranteed allocations in exchange for holding the shares for at least six months, have agreed to buy about $170 million worth of shares. They include M&G Plc, CPE Investment and Schonfeld Strategic Advisors.

Bank of America Corp., Goldman Sachs Group Inc, Haitong International, and UBS Group AG are joint sponsors of the offering.